Home Sales Report March Of 2012

On April 25, 2012 National Association of Realtors® (NAR) reported that nationwide existing home sales in March of 2012 were down 2.6% from February 2012, but 5.2% higher than March of 2011.

Investors bought 21% of the inventory in March 2012, lower than 23% in February of 2012, and 22% of March of 2011. First time buyers acquired 33% of homes in March of 2012, lower than 32% February of 2012, but same as 33% in March of 2011. Cash buyers purchased 32% of all sales in March of 2012 higher from 32% in February 2012; but same as 33% in February 2011. Investors make up the bulk of cash transactions.

Total available housing inventory dropped 1.3% at the end of March to 2.37 million, a 6.3 month supply of inventory, same as in February of 2012. Home sales, in the Northeast were down 1.7%, in the Midwest were same as February 2012, in the South declined 1.1%, and in the West were down 7.4% in March of 2012, according to Walter Molony of www.realtors.org on April, 25, 2012.

It appears that many home buyers were not motivated enough to take advantage of low interest rates and lower priced distressed properties to buy real estate in March of 2012. However, there is a sign of improvement compare to same time of a year ago.

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